LONDON-A joint venture of Rockspring Property Investment Managers and the Other Retail Group has signed two leases totaling 100,000 square feet to its shared four-property portfolio. The new tenants include a 64,000-square-foot Marks & Spencer and a 36,000-square-foot Wilkinson’s, both going into space vacated by Woolworths in 2009.
The Marks & Spencer will go into the 270,000-square-foot Eastgate Shopping Centre in Gloucester. The retailer, which signed a 35-year-lease, joins another 50 tenants at the property, including H&M, Republic and JD Sports.
Wilkinson’s signed a 15-year lease at the 190,000-square-foot Howgate Shopping Centre in Falkirk. The retailer joins anchors Marks & Spencer, New Look, Debenhams and Argos.
Richard Bains, Rockspring UK value fund manager, said the leases are part of a wider strategy of improving the tenant mixes at the two properties. “Both of these leases are important elements of our strategy to improve the performance of this portfolio,” Bains said in a statement. “We anticipate further announcements shortly. Eric Young & Co. advised the venture on the Falkirk property, and KLM advised the landlord on the Gloucester property.
The venture had purchased together four Mall Fund assets, including these two properties and Marlands Shopping Centre in Southampton and the Mercury in Romford. John Wood, former Mall Fund director, is a leader of Other Retail Group.
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